Hi,
Much obliged if anyone can help.
I bought a house with my wife in August 2016 we significantly refurbished it and then sold it 6 months later for 50k profit between us.
I am reasonably sure it is classes as Property Development and therefore a trade, so subject to NI contributions and profit taxed as income etc. I thought we would just fill out our tax returns with this profit in the sole trader section with 50% of profits / costs etc on there. But I am now thinking we have messed up.
How should we be filling in our self assessment? Are we a partnership (although one we never notified HMRC about) or something else?
Any advice much appreciated!
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